Regulating AI: Lessons from Wells Fargo

The White House in October released its blueprint for an AI Bill of Rights as more technology, data and automated systems hit the market, and guidance becomes more relevant than ever following the controversy around OpenAI ’s ChatGPT. “The AI Bill of Rights is super-relevant from here on out,” Chintan Mehta, chief information officer and head of digital technology and innovation at Wells Fargo , told Bank Automation News , noting the guide is especially timely as more large language models come to market — with ChatGPT as a glaring example. According to the document released by the White House, “the AI Bill of Rights is a guide for a society that protects all people from these threats — and uses technologies in ways that reinforce our highest values.” The document breaks out five guidelines for design, use and deployment of automation: [caption id="attachment_183219" align="alignright" width="300"] Bloomberg photo [/caption] Safe and effective systems; Algorithmic discrimination protections; Data privacy; Notice and explanation; and Human alternatives, consideration and fallback. Mehta noted that in the wake of new AI tools, “There’ll be all these manifestations of these AI topologies, large language models, where it will become hard to differentiate unless we have a pre-structured way of approaching these go-to market models.” To implement the new guidelines and ensure all five markers are being met, Mehta recommends ensuring that AI models are trained on large enough data sets to be accurate and do not have any built-in skews so as to avoid biases of any kind. Before bringing an AI development to market, it is critical to ensure there is a fallback mechanism in place, Mehta said, referring to the fifth point in the AI Bill of Rights. “Whether it’s simple rules, whether it’s some committee which actually reviews things,” there should be a review within an institution in order to ‘agree the conclusion that this model is reaching is right.’” Bank Automation Summit US 2023, March 2-3 in Charlotte, is a crucial event on automation technology in banking. Wells Fargo Chief Technology Officer Steve Hagerman will speak at the event. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1676579968808.1676581895235.843&__hssc=41615677.34.1676581895235&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1676579968808.1676581895235.843&__hssc=41615677.34.1676581895235&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

Regulating AI: Lessons from Wells Fargo

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Regulating AI: Lessons from Wells Fargo

Wells Fargo prioritizes non-biased AI

TD Bank exec joins Bank Automation Summit US 2023

AI for FIs: ChatGPT and beyond

Related Posts

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